As the core element of technological innovation, financial resources can play the role of financial support, risk sharing, service guidance, and other aspects, thereby enhancing the efficiency of sci-tech innovation (STIE). Whether there is a complex nonlinear economic threshold effect of financial development (FD) on STIE in different regional context is worth further discussion. This paper selects the Yangtze River Economic Belt (YREB) of China as the research object, based on the panel data of 110 cities, uses the Hansen threshold model to test the nonlinear “economic threshold effect” of FD on STIE. The results show that under different development scenarios in different regions, FD has a nonlinear “economic threshold effect” on STIE. This study extends the research sample to the cities of river basin, and elucidating the importance of regional context to the nonlinear “economic threshold effect” of FD on STIE further proposes that the sole focus of promoting the quantity of technology innovation by taking advantage of FD do not guarantee a positive effect on the development of STIE. Instead, the diverse, multiple financial policy instruments and stimulating the driving force of FD should be adopted towards the improvement of STIE in a phased and context specific manner.

中文翻译：

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金融发展对科技创新效率是否存在非线性经济门槛效应？来自长江经济带的实证检验

金融资源作为科技创新的核心要素，可以发挥金融支持、风险分担、服务引导等方面的作用，从而提高科技创新效率。不同区域背景下金融发展(FD)对STIE是否存在复杂的非线性经济阈值效应值得进一步讨论。本文选取我国长江经济带（YREB）为研究对象，基于110个城市的面板数据，采用汉森阈值模型检验FD对STIE的非线性“经济阈值效应”。结果表明，在不同地区不同发展情景下，FD对STIE具有非线性“经济门槛效应”。本研究将研究样本扩展至流域城市，并阐明区域背景对 FD 对 STIE 的非线性“经济门槛效应”的重要性进一步提出，仅通过利用 FD 来促进技术创新数量并不能保证对 STIE 的发展产生积极影响。相反，应采取多样化、多元的金融政策工具，激发FD的驱动力，分阶段、因地制宜地改善STIE。